From the “commercial triangle” to a new housing center in Everett
Construction has begun on a 450-unit apartment complex on Garvey Street in Everett, one of three planned projects that apartment developer Greystar says will bring 1,882 units and $730 million in investment to the city.
Greystar Real Estate Partners, based in Charleston, South Carolina, and Swiss private equity firm Partners Group opened 35 Garvey St., a vacant industrial lot in the Everett business triangle across from of Revere Beach Parkway from Everett Veterans Memorial Stadium. In 2018, Everett officials approved rezoning allowing more development in this urban renewal area, which spans approximately 100 acres and is bounded by the town of Chelsea, Lower Broadway and the train tracks.
“Sought-after housing is a critical ingredient in creating attractive, walkable neighborhoods, and residential developments like 35 Garvey Street will help us meet the city’s redevelopment goals for the Commercial Triangle,” the mayor said. ‘Everett, Carlo DeMaria, in a statement.
The Garvey Street project is the second of three major residential developments Greystar is planning in the Everett business triangle, comprising 714 units at 85 Boston St. and 741 apartments at 1690 Revere Beach Parkway. Construction is underway on the 330-unit first phase of 85 Boston St., slated to open next year.
Greystar and Partners Group are developing 35 Garvey St. as a joint venture. The six-story building will feature game and TV lounges, shared workspaces, a pool and cabana, a dog spa and golf simulator, as well as outdoor fire pits and a gym and breakout area. welfare.
“This project will bring high quality housing and hundreds of new residents to what is currently vacant land and was once an industrial and manufacturing site,” said Gary Kerr, Managing Director of North East Development at Greystar. , in a press release.